MAPFRE AM surpasses 10 billion euros in assets under management
Redacción Mapfre
MAPFRE AM, the MAPFRE Group asset manager, concluded 2023 with over 400 million euros in underwriting to mutual funds, bringing the total assets under management for the firm to over 10.64 billion euros. When factoring in the volume associated with the MAPFRE Group's discretionary management, the figure reaches nearly 39 billion euros.
Álvaro Anguita, CEO at MAPFRE AM, explained that this success can be attributed to the strong performance of the market in recent months as well as the strong evolution of the business. The objective for this year is to once again reach the 400 million euros mark in underwriting, surpassing the 300 million euros set in 2023, a target the firm has greatly exceeded.
In terms of pension plans, MAPFRE AM concluded 2023 with underwriting exceeding 100 million euros, a figure they anticipate to maintain in 2024. Anguita acknowledges the challenging regulatory environment for such investment vehicles but “still believes in them”.
“I would like to emphasize once more just how strong this year has been. We’ve ended the year with managed assets of over 35 billion euros, consisting of mutual funds and plans, as well as the MAPFRE Group's discretionary management,” Anguita added. When taking savings insurance products and net underwriting in mutual funds and pension plans into consideration, the Group concluded 2023 with 2.2 billion of new production.
MAPFRE Gestión Patrimonial (MGP), the Group's financial advice division, concluded 2023 with around 1.4 billion euros under management, 10 specialist offices, and a network of 1,100 agents.
“The figures are magnificent, we've satisfied expectations and forecasts. We recently opened the MAPFRE Gestión Patrimonial office in Alicante and will end the year with 10 offices. At the same time, we’ve practically fulfilled the number of agents we had planned, around 230 people dedicated to our sales network specializing in advice,” explained Miguel Ángel Segura, general manager of MAPFRE Inversión.
Segura indicated that MGP has focused on accessing a more digital customer base in recent years, with the launch of the MAPFRE Afín mobile app, where users can manage investments in both mutual funds and pension plans. What's more, this year MGP’s second three-year plan comes to an end. Over the next three years, MAPFRE's financial advisory area will focus on rural areas, always with a view to being close to its customers.
More than 30 years of history
With over 30 years of history, MAPFRE Asset Management is one of Spain’s longest-standing asset managers. MAPFRE AM also has an international reach, operating one of the largest SICAVs in Luxembourg, with assets exceeding 1.28 billion euros. Currently, the company is in the process of expanding into two markets. In France, it has acquired a 51% stake in La Financière Responsable, a specialized entity in sustainable finance. And in Latin America, where MAPFRE is a leader in the insurance sector.
Two characteristics define MAPFRE AM. Firstly, it embraces a Value Investing philosophy, actively seeking opportunities to maximize long-term benefits by investing in companies whose market price is below their intrinsic value.
In addition, MAPFRE AM has opted for a sustainable approach to investing its customers' savings and investments. Companies that show a strong commitment to environmental, social, and governance (ESG) principles are identified because, in addition to financial profitability, social profitability is a prime concern.
